The St. Joe CompanyMay 18, 2021 · Annual Shareholders’ Meeting Presentation

See Appendix “Reconciliation of Non-GAAP Financial Measures” at the end of this presentation.

CASH GENERATED FOR DISTRIBUTION OR INVESTMENT IN ADDITIONAL GROWTH (CGFDI)

Q1 2020 Q1 2021

-$1.3 $3.0

$8.1 $20.3

$0.14 $0.34

Q1 2020 Q1 2021

-$1.3 $3.0

$8.1 $20.3

$0.14 $0.34

2

($'s in Millions except

per share amount) 2016 2017 2018 2019 2020

Net Income $15.5 $59.2 $31.6 $26.7 $45.5

Cash Generated for

Distribution or Investment

in Additional Growth

(CGFDI)

$16.9 $55.5 $57.5 $65.5 $71.6

CGFDI Per Share $0.23 $0.79 $0.92 $1.09 $1.21

See Appendix “Reconciliation of Non-GAAP Financial Measures” at the end of this presentation.

FINANCIAL MEASURES

$157.5 Million

Cash & Investments as of

12/31/20

3

GROWING EFFICIENT OPERATIONSEconomies of Scale

($'s in Millions) 2016 2017 2018 2019 2020

Revenue $96.9 $100.0 $110.3 $127.1 $160.6

Other operating and

corporate expenses$23.0 $20.4 $20.6 $21.4 $22.9

% of Revenue 24% 20% 19% 17% 14%

4

FLEXIBLE OWNER-ORIENTEDCAPITAL ALLOCATION STRATEGY

$ I

n M

illio

ns

5

2020 CAPITAL ALLOCATIONSources and Uses

6* See Appendix “Reconciliation of Non-GAAP Financial Measures” at the end of this presentation.

*

$590 MILLION RETURNED TO SHAREHOLDERS36% OF SHARES BOUGHT BACK

$17.64Average Buy-

Back Price

7

HOMESITES***

APARTMENT AND SENIOR LIVING

UNITS

HOTEL ROOMS

COMMERCIAL SQUARE

FEET****

CLUB MEMBERSHIPS

1,000 PER YEAR

1,300

900

1,500,000

1,400

*2021 Unit Milestones presented at the May 20, 2019 Annual Shareholders’ Meeting

**Existing and under construction as of March 31, 2021

***For Q1 2021, homesites includes 203 homesites and 2 homes.

****Commercial Square Feet includes leasable assets (e.g. Pier Park North, Beckrich, etc.) and operational assets (e.g. Busy Bee Convenience Store, Scratch Restaurant, etc.)

All information above is subject to change and includes projects wholly owned or partially owned.

2020: 509 (51%)2021 1Q: 205

1,224 (94%)

939 (104%)

1,246,543 (83%)

1,722 (123%)

Milestone As of End of 1Q 2021**

2021 UNIT MILESTONES*Status Update

8

*Q1 2021 – Includes 203 homesites and 2 homes

GROWTH TRAJECTORYHomesite Sales

1,268 Homesites

under contract as of 3/31/21

HOMESITE SALES

Q1 2020 19Q1 2021 205*

9

RESIDENTIAL HOMESITE PIPELINE

(a) The number of homesites are preliminary and are subject to change. Includes homesites platted or currently in concept planning, engineering, permitting or development.

We have significant additional entitlements for future residential homesites on our land holdings.

(b) Planned Unit Development (“PUD”).

(c) Development Agreement (“DA”).

(d) Detailed Specific Area Plan (“DSAP”).

(e) The unconsolidated Latitude Margaritaville Watersound JV plans to build and sell homes in this community.

(f) Development of Regional Impact (“DRI”).

Additional

Platted or Engineering or Entitlements with

Community/Project Location Under Development Permitting Concept Plan Total

Breakfast Point (b) Bay County, FL — 235 1,445 1,680

College Station Bay County, FL 89 44 274 407

East Lake Powell (c) Bay County, FL — — 360 360

Latitude Margaritaville Watersound (d) (e) Bay County, FL 629 — 2,871 3,500

Mexico Beach (b) Bay County, FL — 32 453 485

Mexico Beach Townhomes (b) Bay County, FL — 42 78 120

Park Place Bay County, FL 72 101 211 384

RiverCamps (c) Bay County, FL 81 — 149 230

SouthWood (f) Leon County, FL 51 172 1,020 1,243

SummerCamp Beach (b) Franklin County, FL 90 — 271 361

Titus Park Bay County, FL 22 357 740 1,119

Watersound (d) Walton County, FL — 115 5,781 5,896

Watersound Camp Creek (f) Walton County, FL 82 157 — 239

Watersound Origins (f) Walton County, FL 194 170 115 479

Watersound Origins Townhomes (f) Walton County, FL 64 — — 64

Ward Creek (d) Bay County, FL — 593 1,007 1,600

WaterColor Park District Walton County, FL 15 — — 15

Wild Heron Bay County, FL 36 — — 36

WindMark Beach (f) Gulf County, FL 105 210 966 1,281

Total Homesites 1,530 2,228 15,741 19,499

March 31, 2021 (a)

10

GROWTH TRAJECTORYApartments and Senior Living

11

APARTMENT AND SENIOR LIVING PORTFOLIO

(a) Construction of the initial six apartment buildings was completed as of the end of the first quarter of 2021.

(b) Construction began in the first quarter of 2020 and is ongoing. The Sea Sound Apartments JV is unconsolidated and is accounted

for under the equity method of accounting.

(c) Construction began in the fourth quarter of 2020 and is ongoing.

(d) Construction was completed in the fourth quarter of 2020.

Percentage

Leased

          Units    Units Units of Units

Location Planned Completed Leased Completed

Apartments

Pier Park Crossings Bay County, FL 240 240 238 99%

Pier Park Crossings Phase II Bay County, FL 120 120 115 96%

Watersound Origins Crossings (a) Walton County, FL 217 54 47 87%

Sea Sound (b) Bay County, FL 300 — — N/A

Star Avenue (c) Bay County, FL 240 — — N/A

Total apartment units 1,117 414 400 97%

Senior living community

Watercrest (d) Walton County, FL 107 107 21 20%

Total senior living units 107 107 21 20%

Total units 1,224 521 421 81%

March 31, 2021

12

GROWTH TRAJECTORYHotel Rooms

13

HOTEL PORTFOLIO

(a) Includes hotels currently in operation, under management or under development and construction. We have significant additional

entitlements for future hotel projects on our land holdings.

(b) The hotel is operated by our JV partner and opened in May 2020. The Pier Park TPS JV is unconsolidated and is accounted for under the equity

method of accounting, which is included within our Commercial segment.

(c) The hotel is owned by a third party, but is operated by us.

(d) Under development with our JV partner.

Location

Rooms

Completed

Rooms

Planned

Total

Rooms

Operational

WaterColor Inn Walton County, FL 60 — 60

WaterSound Inn Walton County, FL 11 — 11

TownePlace Suites by Marriott Panama City Beach Pier Park (b) Bay County, FL 124 — 124

Total operational rooms 195 — 195

Managed

The Pearl Hotel (c) Walton County, FL 55 — 55

Total managed rooms 55 — 55

Under Development/Construction

Embassy Suites by Hilton Panama City Beach (d) Bay County, FL — 255 255

Hilton Garden Inn Panama City Airport Bay County, FL — 143 143

HomeWood Suites by Hilton Panama City Beach Bay County, FL — 131 131

The Lodge 30A (d) Walton County, FL — 85 85

Camp Creek Inn Walton County, FL — 75 75

Total rooms under development/construction — 689 689

Total rooms 250 689 939

March 31, 2021 (a)

14

GROWTH TRAJECTORYClub Memberships

15

GROWTH TRAJECTORYCommercial and Operational Square Feet

16

COMMERCIAL AND OPERATIONAL SQUARE FEET

(a) In addition to net rentable square feet there is also space that we occupy or that serves as common area.

(b) Included in net rentable square feet as of March 31, 2021 is 1,500 square feet leased to a consolidated JV.

(c) Included in net rentable square feet as of March 31, 2021 is 13,808 square feet of unfinished space.

(d) Included in net rentable square feet as of March 31, 2021 is 1,364 square feet leased to a consolidated JV.

17

          Net      Leases

Rentable Operational Executed Total

Square Square and To Be Square

Location Feet Feet Constructed Feet

Operational

Pier Park North JV   Bay County, FL   320,310   320,310

VentureCrossings   Bay County, FL   303,605   303,605

Beckrich Office Park (a) (b)   Bay County, FL   86,296   86,296

WindMark Beach Town Center (a) (c)

  Gulf County, FL   44,748   51,888 96,636

WaterColor Town Center (a)   Walton County, FL   22,716   2,936 25,652

Cedar Grove Commerce Park Bay County, FL 19,449 19,449

Beach Commerce Park (a)   Bay County, FL   17,450   17,216 34,666

Port St. Joe Commercial   Gulf County, FL   16,964   16,964

SummerCamp Commercial   Franklin County, FL   13,000   13,000

South Walton Commerce Park (d) Walton County, FL 11,570 11,570

WaterSound Gatehouse (a)   Walton County, FL   10,271   10,271

WaterColor Crossings Walton County, FL 7,135 7,135

395 Office building   Walton County, FL   6,700   6,700

Watersound Town Center Walton County, FL 6,496 6,496

Pier Park outparcel   Bay County, FL   5,565   5,565

Topsail West Commercial Walton County, FL 3,500 3,500

Bank building Bay County, FL 3,346 3,346

Bank building Gulf County, FL 3,346 3,346

WaterColor HOA Office   Walton County, FL   2,520   2,520

RiverCamps Bay County, FL 2,112 2,112

Busy Bee Convenience Store Bay County, FL 15,750 15,750

Shark's Tooth - Pro Shop Bay County, FL 2,500 2,500

Two Beach Front Homes Bay County, FL 7,374 7,374

WaterColor Lakehouse and Boat House Walton County, FL 8,766 8,766

WaterColor FOOW Restaurant Walton County, FL 9,951 9,951

WaterSound Origins Amenities Walton County, FL 5,000 5,000

Total square feet operational        907,099   121,381 — 1,028,480

Under Development/Construction

WindMark Beach Town Center Gulf County, FL 1,106 1,106

Watersound Self-Storage Facility Walton County, FL 71,070 71,070

Watersound Town Center Walton County, FL 19,753 62,774 82,527

Port St. Joe Marina Gulf County, FL 63,360 63,360

Total square feet under development/construction 90,823 64,466 62,774 218,063

Total square feet        997,922 185,847 62,774 1,246,543

March 31, 2021

2013 - 2018

PLANNED NEW CONSTRUCTION STARTS 2021-2022

COMMERCIAL• South Walton Commerce Park, Phase 2• Watermark Senior Living (broke ground in May 2021)• Watersound Town Center (Publix and adjoining in-line

commercial)• Watersound Town Center (restaurant, bank, commercial

building #2, medical office building #2, real estate office)• East Lake Creek Apartments (west Panama City Beach)• West Bay Center (bank, golf cart dealership, other

commercial)• TMH/FSU Health Medical Campus• Gateway Apartments (SR 79/Phillip Griffitts, Sr. Parkway)• Mexico Beach Crossings Apartments

HOSPITALITY• Topsail (select service hotel)• Watersound Town Center (restaurant)• Watersound Inn (room expansion)• WaterColor Inn (room expansion)• East Lake Powell (club member amenity)• Intracoastal Waterway (ICW) Marina • Hotel Indigo (broke ground in May 2021)• Panama City Waterfront (restaurant) • WindMark Beach Town Center (restaurant)• Port St. Joe Marina (lodging and restaurant)

RESIDENTIAL• Watersound Origins, Phase 3 (broke ground in March 2021)• Watersound Origins Townhouses• Watersound Origins, Phases 6, 7, and 8 • Watersound Origins West, Phases, 1, 2, and 3• Watersound Camp Creek, Phase 2• Ward Creek East, Phase 1 (NEW COMMUNITY)• Ward Creek West, Phase 1 (NEW COMMUNITY)• East Lake Creek, Phase 1 (NEW COMMUNITY)• Breakfast Point East, Phases 1, 2, 3 and 4• Park Place, Phase 2• Titus Park, Phases 2 and 3• College Station, Phase 3 (broke ground in March 2021)• College Station, Phase 4• Mexico Beach Townhouses (NEW COMMUNITY)• Mexico Beach, Phase 1 (NEW COMMUNITY)• WindMark Beach, Creekside 1C (broke ground in March 2021)• WindMark Beach North, Phase 2 18

Majority of current revenues from approximately 2% of our land holdings

*Acres are estimates based on GIS polygon boundary drawings and may change over time.

STARTING TO SCRATCH THE SURFACE

2020

Acres at Acres % Revenue Revenue %

12/31/20 Total (Millions) Total

Developed Projects 3,646 2% $143.0 89%

In Transition / Development 12,101 7% $4.4 3%

Not Developed - Forestry / Land 155,122 91% $11.2 7%

Corporate & Other $2.0 1%

Total 170,869 100% $160.6 100%

19

*

SURGING DEMAND

Discovery of Northwest Florida• More vacationers and residents from outside of traditional geographic

markets

• Less seasonality, more permanent residents

Growth of Virtual Work Environment• Worker and entrepreneur flexibility to work and live anywhere

Quality of Life and Safety• Family-oriented; natural beauty; open spaces

Improved Transportation Access to Region• More non-stop flights (ECP and VPS)• Major road expansion (e.g. widening of SR 331 and SR 79, new West Bay

Parkway, extension of Back Beach Road/Phillip Griffitts, Sr. Parkway)

20

Latitude Margaritaville Watersound

• Significant demand for first release of homes (lottery)

• Residents expected in late 2021

• Addition of more permanent residents/less seasonality

• Exposes Northwest Florida to broader and more diverse geographic markets

• 3,500 homes; easily expandable to tens of thousands of homes

Re-Development of Tyndall Air Force Base

• Department of Defense: “Air Force Base of the Future”

• Initial appropriation of $4.95B

• Direct and indirect job creation; off-base housing needs

• Accelerates Panama City, East Bay County, Mexico Beach, and Port St. Joe

WHAT IS AROUND THE CORNER?

TMH/FSU College of Medicine Health Care Campus

• Clinical, research, teaching

• Hospital, intensive care

• Centrally located to serve a large geographic area

• Attraction of physicians and research dollars to area

• Accelerates West Bay Area and SR 79 Corridor

21

DOING WELL BY DOING GOODSeeding Local Communities

JOE communities, through The St. Joe Community Foundation, have donated $29 million in Northwest Florida towards education, health care, environment, arts and culture

JOE has donated thousands of acres for airport, schools, hospitals, roads, boat ramp, parks, and other civic purposes

JOE vacated HQ to allow for new public magnet STEAM High School (winner of Florida Department of Education’s “2020 Commissioner’s Business Recognition Award”)

Bay-Walton Sector Plan includes extensive conservation and water quality protection framework (nearly 50% of sector plan)

JOE is actively restoring and enhancing nearly 10,000 acres of wetlands and replanting native species

Corporate leader in the region with its diverse management team

22

Geographic Tailwind

Multi-Generational Opportunity

Dominant in Northwest Florida• Strong brand; land; entitlements;

proven execution muscle

Expanding Recurring Revenue Streams

Flexible Owner-Oriented Capital Allocation Strategy

• Share buy-backs

• Accelerating growth

• Dividends

Why JOE?

• Discovery of Northwest Florida by more people from more diverse locations

• Panama City Beach ranked as #1 beach in USA with 19 million visitors (Newsweek)

• Since pandemic, Panama City ranked 8 out of 926 metro areas for the biggest increase in net migration (NY Times)

• Walton County has 6th fastest growth rate in USA and fastest in Florida (US Census)

• ECP rated as the 4th fastest growing airport in the USA (Simply Flying)

• Only scratching the surface (89% of revenues on 2% of land holdings)

• Scale efficiencies

• Turning costs to profits (i.e. Watersound Title, Watersound Closings & Escrow, Watersound Insurance, etc.)

• Capturing every day spend through diversified operations (e.g. Busy Bee Convenience Store, etc.)

• Appreciating land values

• Wide range of asset types, pricing, demographics, lifestyles (no longer a company just for the 1%)

• Segment operating revenue (2020): Residential 47%; Hospitality 30%; Commercial 23%

• Vertically Integrating and Widening Project Pipeline

23

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

APPENDIX

24

“Cash Generated for Distribution or Investment in Additional Growth” (CGFDI) is a non-GAAP measure that provides insight into the cash generated by the Company, which management has available for distribution to shareholders or for reinvestment into the business. This measure is calculated by adding “Net Cash Provided by Operating Activities” to “Expenditures for and Acquisition of Real Estate to Be Sold” and subtracting “Capital Distribution to Non-Controlling Interests”, “Principal Payments for Debt”, “Principal Payments Under Finance Lease Obligation”, and “Maintenance Capital Expenditures”. Maintenance Capital Expenditures are intended to show capital expenditures made to maintain the value and/or revenue generating capacity of existing operating assets.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURESCash Generated for Distribution or Investment in Additional Growth (CGFDI)

25

($'s and Shares in Millions except per share amount) 2016 2017 2018 2019 2020 Q1 2020 Q1 2021

Net Cash Provided by Operating Activities $10.7 $53.6 $41.4 $30.4 $37.3 $3.1 $9.8

Plus: Expenditures for and Acquisition of Real Estate to Be Sold $8.3 $8.5 $19.8 $40.1 $40.5 $6.3 $12.0

Less: Capital Distribution to Non-Controlling Interests ($0.6) ($2.3) ($0.4) ($0.6) ($0.6) $0.0 ($0.3)

Less: Principal Payments for Debt ($0.5) ($1.3) ($1.4) ($1.6) ($1.9) ($0.3) ($0.4)

Less: Principal Payments Under Finance Lease Obligation $0.0 $0.0 $0.0 ($0.0) ($0.1) ($0.0) ($0.0)

Less: Maintenance Capital Expenditures ($1.0) ($3.0) ($1.9) ($2.8) ($3.6) ($1.0) ($0.8)

CGFDI $16.9 $55.5 $57.5 $65.5 $71.6 $8.1 $20.3

Weighted Average Shares Outstanding 74.5 70.5 62.7 60.0 59.0 59.4 58.9

CGFDI Per Share $0.23 $0.79 $0.92 $1.09 $1.21 $0.14 $0.34

Maintenance Capital Expenditures:

Hospitality ($1.0) ($2.7) ($1.6) ($2.4) ($1.4) ($0.8) ($0.7)

Hospitality (Camp Creek Re-Grassing) $0.0 $0.0 $0.0 $0.0 ($1.9) ($0.0) $0.0

Commercial Leasing ($0.0) ($0.3) ($0.2) ($0.1) ($0.0) $0.0 $0.0

Corporate $0.0 ($0.0) ($0.1) ($0.3) ($0.3) ($0.2) ($0.1)

Residential ($0.0) ($0.0) $0.0 ($0.0) ($0.0) $0.0 $0.0

Maintenance Capital Expenditures ($1.0) ($3.0) ($1.9) ($2.8) ($3.6) ($1.0) ($0.8)

26

LAND HOLDINGS AND DEVELOPMENTSLAND HOLDINGS AND PROJECTS

JOE.COM

27

Important Notice Regarding Forward-Looking Statements

Certain statements contained in this presentation, as well as other information provided from time to time by the Company or its employees, may contain forward-looking statements that

involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. You can identify forward-looking statements by the fact

that they do not relate strictly to historical or current facts. Words such as “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,”

“proposed”, “predict,” “forecast,” “project,” and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which

they were made. Such forward-looking statements include our milestone goals, capital allocation strategy, and information on current development projects and future project pipelines

and proposed developments, as well as the related underlying assumptions, which are based on management’s current development plan but may not be completed on the timeframe or

in the manner currently proposed, and may never be developed. Although forward-looking statements are made based upon management’s current expectations and beliefs concerning

future Company actions and developments and their potential effect upon the Company, a number of factors could cause the Company’s actual results to differ materially from those set

forth in the forward-looking statements, including (1) the potential impacts of the ongoing COVID-19 pandemic; (2) any changes in our strategic objectives or our ability to successfully

implement such strategic objectives; (3) our ability to successfully execute our newer business ventures, including expansion of our portfolio of income producing commercial and multi-

family properties, senior living communities and hotels, some or all of which may be negatively impacted by the COVID-19 pandemic; (4) any potential negative impact of our longer-term

property development strategy, including losses and negative cash flows for an extended period of time if we continue with the self-development of granted entitlements; (5) significant

decreases in the market value of our investments in securities or any other investments; (6) our dependence on strong migration and population expansion in our regions of development,

particularly Northwest Florida; (7) our ability to accurately predict market demand for the range of potential residential and commercial uses of our real estate; (8) volatility in the

consistency and pace of our residential real estate sales; (9) any downturns in real estate markets in Florida or across the nation; (10) any reduction in the supply of mortgage loans or

tightening of credit markets; (11) our ability to fully recover from natural disasters and severe weather conditions, including the recovery of insurance claims for losses related to Hurricane

Michael; (12) our dependence on the real estate industry and the cyclical nature of our real estate operations; (13) our ability to retain commercial tenants, particularly in light of the

COVID-19 pandemic; (14) our ability to successfully and timely obtain land use entitlements and construction financing, maintain compliance with state law requirements and address

issues that arise in connection with the use and development of our land, including the permits required for mixed-use and active adult communities; (15) changes in laws, regulations or

the regulatory environment affecting the development of real estate; (16) our ability to effectively deploy and invest our assets, including our available-for-sale securities; (17) our ability

to effectively manage our real estate assets, as well as the ability for us or our joint venture partners to effectively manage the day-to-day activities of our joint venture projects; (18)

increases in operating costs, including costs related to real estate taxes, owner association fees, construction materials, labor and insurance, and our ability to manage our cost structure;

(19) our ability to mutually agree to joint venture structures with our potential joint venture partners and to successfully enter into previously announced potential joint ventures; (20)

potential limitations on our ability to declare dividends at our expected rates, or at all; and (21) the other cautionary statements and risk factor disclosures contained in the Company’s

Securities and Exchange Commission filings including the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 with the SEC, which can be found at the SEC’s

website at www.sec.gov.